August 10, 2016 in Blog, News from Our Companies

Iconic Therapeutics successfully closes Series C round

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logo_456x140px_rtIconic Therapeutics, a clinical stage biopharmaceutical company focused on converting knowledge of tissue factor biology into new therapeutics for retinal disease and cancer, said it closed its Series C financing and brought an additional $10 million into the company. The company raised a total of $48.5 million.

Iconic is a 2011 graduate of the Advanced Technology Development Center’s ATDC Signature program at Georgia Tech. Proceeds from the financing will be used to advance development of Iconic’s lead molecule ICON-1 in retinal diseases as well begin clinical trials in ocular melanoma, Iconic’s first oncology indication, the company said.

The final closing included new investor Xeraya Capital. Xeraya joins existing investors MPM Capital, HBM Healthcare Investments, H.I.G. BioHealth Partners, Lundbeckfonden Ventures, Cormorant Asset Management, and Osage University Partners in the Series C capital raise.

“Our enthusiasm for Iconic rests in its novel approach to developing therapies for devastating diseases such as macular degeneration and cancer. In particular, the tissue factor-based platform gives the company the opportunity to interrogate a target that has proven elusive in the past,” said Fares Zahir, CEO of Xeraya Capital.

“We believe the early data in AMD show that ICON-1 has the potential to reshape the therapeutic landscape with a truly disease-modifying agent and one of the very few new drug classes in development. Additionally, Iconic’s preclinical activities and leadership team provide a strong foundation for entry into cancer of the eye and later, more broadly, into solid tumors.”

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